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Revival/restore of CIRP petition even no liberty was granted to the Applicant to get the Petition revived nor there was any stipulation in the consent terms – OCS Group (India) Pvt. Ltd. Vs. Mystical Constructions Pvt. Ltd. – NCLT Mumbai Bench

Hon’ble NCLT Mumbai Bench held that the Corporate Debtor cannot be allowed to take advantage of its own wrongs. The said liberty in the given situation can be construed to be a liberty to get the Petition revived and it would be just and equitable if the Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 filed by the Applicant, which was dismissed on the basis of consent terms, is revived to be decided on merits. In case neither the Petition is revived nor a contempt is issued against the Corporate Debtor, it will cause grave injustice to the Applicant who would be rendered remediless.

Revival/restore of CIRP petition even no liberty was granted to the Applicant to get the Petition revived nor there was any stipulation in the consent terms – OCS Group (India) Pvt. Ltd. Vs. Mystical Constructions Pvt. Ltd. – NCLT Mumbai Bench Read Post »

The word ‘or’ used in Section 3(2)(a) of RERA has to be read disjunctively | Out of the two criteria mentioned in Section 3(2)(a) of RERA for grant of exemption from Registration of Real Estate Project fulfilment of one, promoters are not liable to get their project register | Allottees/Homebuyer of an Unregistered Project cannot address their grievances either before the Regulatory Authority or Adjudicating Officer – Devinarayan Housing and Property Developments Pvt. Ltd. and Ors. Vs. Manu Karan and Ors. – Madras High Court

A. Whether in terms of Section 3(2)(a) of RERA prior registration of a real estate project under Real Estate Regulatory Authority (RERA), a promoter or developer is required to get register the project, in the event if they proposed to develop not more than eight apartments in an area of more than 500 sq.mtrs?

B. Whether the allottee of an unregistered real estate project under Section 3(2) of the RERA, 2016, will have any protection under the provisions of RERA, to address their grievances before the Regulatory Authority or the Adjudicating Officer or REAT under RERA?

The word ‘or’ used in Section 3(2)(a) of RERA has to be read disjunctively | Out of the two criteria mentioned in Section 3(2)(a) of RERA for grant of exemption from Registration of Real Estate Project fulfilment of one, promoters are not liable to get their project register | Allottees/Homebuyer of an Unregistered Project cannot address their grievances either before the Regulatory Authority or Adjudicating Officer – Devinarayan Housing and Property Developments Pvt. Ltd. and Ors. Vs. Manu Karan and Ors. – Madras High Court Read Post »

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